{"F": {"ts_code": "600383.SH", "name": "金地集团", "mkt": "CN", "ccy": "元", "sw1": "房地产", "sw2": "房地产开发", "sw3": "住宅开发", "ind": "房地产开发", "fin_source": "tushare", "market": "主板", "list_date": "20010412", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.39, "pe_ttm": null, "pb": 0.2535, "dv_ttm": null, "total_mv": 1078985.4804, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.9, 21.2, 20.7, 17.4, 14.9, 13.1], "rev_series": [836.6, 989.3, 1200.4, 980.1, 752.7, 357.9], "np_series": [104.0, 94.1, 61.1, 8.9, -61.2, -132.8], "roe_series": [18.6, 15.6, 9.5, 1.4, -9.9, -25.4], "period": "20260630", "rev_ttm": 326.7, "np_ttm": -123.3, "ocf_ttm": 20.6, "fcf_ttm": 15.0, "fcf_yield": 13.9, "ocf_yield": 19.1, "gm_median": 17.4, "gm_std": 3.2, "gm_stab": 0.82, "gm_chg_2022": -12.2, "npm_median": 3.3, "roe_median": 1.4, "commodity": false, "hard_ratio": 0.1, "fix_assets": 2.2, "goodwill_ratio": 0.1, "pb_calc": 0.25, "capex_dep": 8.52, "interest_debt": 653.6, "debt_ebitda": null, "debt_ratio": 64.2, "debt_mv": 605.7, "payout": 9.8, "div_years": 3, "rev_cagr3": -33.2, "np_cagr3": null, "rev_yoy": -20.0, "np_yoy": 25.6, "np_vol": 293.1, "loss_years": 2, "far_share": 100, "earn_yield": null, "consensus_n": 7, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["房地产开发", 28.0], ["物业管理", 15.0], ["其他", 3.0]], "ret_prev_year": -30.1, "ret_prev2_year": 0.9, "ret_ytd": -21.9, "ret_pivot": -40.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.2, "ret_60": -3.6, "ret_120": -22.9, "ret_250": -43.6, "mdd_250": -52.3, "vol_250": 36.4, "pos_52w": 54.6}, "S": {"duration": 100, "pricing": 41, "hard": 0, "bondness": 26}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -123.3 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 64%,有息负债 654 亿,经营现金流/市值 19.1%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 0%,毛利率近 5 年中位 17.4%。", "加息期怎么走": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 13.9%(经营现金流/市值 19.1%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.4%,稳定度 82%,2020→2022 成本通胀期毛利率变化 -12.2 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 0%,资本开支/折旧 8.52 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 -44%,最大回撤 -52%,年化波动 36%,现价在 52 周高点的 55%;近 20 / 60 / 120 日 6% / -4% / -23%。", "行业对照": ["同申万二级「房地产开发」83 家中位:PE 26.0 / 股息率 0.7% / 毛利率 21.1% / 固定资产占比 2% / 分红率 36%。", "金地集团:PE ;股息率 ;毛利率 比行业中位低 3.7个百分点;固定资产占比 比行业中位低 1.9个百分点。"]}}